On the left-hand side, we show private equity deals by size, with large deals ($500mm +) currently representing 2.3% of total deals, a low over the last 15 years. Deals below $500 million remain strong, with deals between $100-500mm sitting above its 15-year median and representing 28.6% of total deals. In contrast to the deals since 2007, 2022 has seen a spike in lower value deal sizes, as add-on deals hit a new high in 4Q22. Add-on deals represented 62% of total private equity deals in 4Q22, while buyout/LBO deals hit a record low of 18%.